Lebanon’s first Islamic bank is scheduled to open for business by the end of this year. The Arab Finance House (AFH) will start with an initial capital base of $60 million, subject to gradual increases to $100m in three years, stated a press release.

AFH is a joint venture between the Qatar Islamic Bank (QIB) and Bahrain’s Gulf Finance House (GFH). The new institution will practice Islamic banking and traditional commercial

activities.

AFH’s Board of Directors have chosen the Credit Libanais Bank building in the Sofil Center, Achrafieh for the bank’s future headquarters.

GFH was established in 1999 in the Kingdom of Bahrain as an Islamic investment bank. The bank has a paid-up capital of $65 million and an authorized capital of $150 million. QIB was established in 1983 as a Qatari shareholding company to provide banking services in accordance with the provisions of Islamic Sharia. The Bank carries out all banking services, investment and financing activities through various Islamic modes of financing. — (menareport.com)